In the run-up to 22 July 2013, ESMA is expected to announce in the near future the conclusion of negotiations and the signing of cooperation agreements with important fund jurisconsultations (including the Cayman Islands and the United States). The press release confirms that the Cayman Islands has taken all necessary steps to be involved in this process. From the beginning, Maples and Calder`s View Maples and Calder has participated in the EU and Cayman Islands consultation processes regarding MANAGERS. The company`s global management partner, Henry Smith, participated in the CIMA Industrial Working Group for AIFMOs, through direct cooperation with the EU, both in Strasbourg and Brussels. Paul Govier, Director of Investment Funds in London, has participated in important AIMA committees/working groups on AIFMD and Peter Stapleton, the company`s main partner for AIFMD in Ireland, has participated in the Irish Funds Industry Association`s work on AIFMD. • Check your current agreements, including investment management agreements, Custody/Prime Broker brokerage agreements, subscription and withdrawal agreements and administrative agreements; and an EU AIFM may continue to market its Cayman funds in the EEA only if the regulatory authority of the EU AIFM and the Cayman Fund Regulatory Authority (“CIMA”) have concluded the corresponding cooperation agreements with the EU Member State in which the Cayman fund will be marketed. CIMA currently has cooperation agreements with 25 European regulators and is in the process of finalising the execution of the rest. This will be very reassuring news for the majority of leaders outside Europe, as the ability to access existing NPPRs for their Cayman funds after July 2013 is crucial. Similarly, EU fund managers in the Cayman Islands need a cooperation agreement between their National Financial Markets Authority and the Cayman Islands.
The ball is now in the court of ESMA and the EU Member States concerned in order to speed up the cooperation agreement process as much as possible.” As of April 2020, the Cayman Islands have concluded tax information exchange agreements and similar bilateral agreements with 36 countries and are on the OECD`s “white list” for the exchange of tax information. . . .